Technology

Truth Social hits Wall Street

by Rebecca Klar and Julia Shapero 03/26/24 05:32 PM CDT

A screen displaying Truth Social stock information is seen outside the Nasdaq MarketSite in New York on March 26, 2024. The stock market bounced back, with traders adjusting their positions in the final few days of a banner quarter.

Welcome to The Hill’s Technology newsletter

{beacon}

Technology

The Big Story

Truth Social parent makes stock market debut

Shares of former President Trump’s media startup rose nearly 50 percent after debuting on the stock market Tuesday morning, briefly triggering a pause in trading.

Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday after a years-long effort to merge with a special purpose acquisition company (SPAC).

Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuesday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted. By market close, Trump Media stock was trading at around $58.

Shareholders in the SPAC, Digital World Acquisition Corp., approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall.

Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the completion of the merger.

Read more in a full report at TheHill.com.

Welcome to The Hill’s Technology newsletter, we’re Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.

Did someone forward you this newsletter? Subscribe here.

Essential Reads

How policy will be impacting the tech sector now and in the future:

Nearly a third of employed Americans under 30 used ChatGPT for work: Poll

More employed Americans have used the artificial intelligence (AI) tool ChatGPT for work since last year, with the biggest increase among the younger portion of the workforce, according to a Pew Research poll released Tuesday. The survey found that 31 percent of employed Americans between 18 and 29 surveyed in February said they have used ChatGPT for tasks at work, up from 12 percent who said the same last March. The number …

Full Story

Warren, Sanders accuse Meta of blocking content related to Palestinians: ‘Deeply troubling’

Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) on Tuesday accused Meta of suppressing Palestine-related content on its platforms, calling its actions “deeply troubling.” Their letter, addressed to Meta CEO Mark Zuckerberg, is a follow-up to a December one Warren sent that was also about Instagram and Facebook suppressing Palestinian content. The senators say Meta’s response to the original letter “did not provide …

Full Story

Trump joins Bloomberg’s 500 wealthiest list after Truth Social merger

Former President Trump is now one of the wealthiest people in the world after his media company, Truth Social, completed a merger that will see it debut on the stock market. Trump joined Bloomberg’s list of the world’s 500 richest people on Monday after the deal that could net him up to $4 billion was approved. A special-purpose acquisition company (SPAC) merged with Truth Social parent Trump Media & Technology Group Corp. …

Full Story

The Refresh

News we’ve flagged from the intersection of tech and other topics:

Creators react to Instagrams limits on politics

Some Instagram creators are urging their followers to put on a setting to allow “political content” in their feeds in response to the platform automatically limiting those posts in a default setting, NBC News reported.

Apple announces developer conference

Apple announced that its annual World Wide Developer Conference will take place June 10 to 14 and said it will be “Absolutely Incredible,” which seems to be a nod to Apple’s artificial intelligence (AI) ambitions, TechCrunch reported.

On Our Radar

Upcoming news themes and events we’re watching:

The Institute of Global Politics at Columbia University’s School of International and Public Affairs is co-hosting an event with Aspen Digital, a program of the Aspen Institute, about “AI’s Impact on the 2024 Global Elections” Thursday at 1:30 p.m.

What Others are Reading

Two key stories on The Hill right now:

Why the tables turned, leaving conservatives as loser in spending fight

The tables have turned for House conservatives. Six months ago, emboldened by a new GOP majority and armed with new rules designed to rein in … Read more

Baltimore bridge collapses; Biden says feds will help rebuild it: Live updates

Six people are missing and a search-and-rescue operation is underway nearly 12 hours after a cargo ship crashed into Baltimore’s Francis Scott … Read more

What Others are Reading

Opinions related to tech submitted to The Hill:

You’re all caught up. See you tomorrow!

Technology

Technology

Truth Social parent makes stock market debut

The latest in politics and policy. Direct to your inbox. Sign up for the Technology newsletter

Technology